The Weekly Manhattan Real Estate Update
The Luxury Sector: Twenty-six contracts were signed last week in Manhattan at $4 million and above, 11 fewer than the previous week. Condos outsold co-op’s, 11–5, with two condops and 8 townhouses in the mix. The last two weeks have seen a flurry of townhouse contracts with 15 deals at $4 million and above. Nine of the 15 contracts were downtown. Year-to-date, 94 contracts have been signed on townhouses in Manhattan. The No. 1 contract signed last week was an off market deal of a townhouse at 11 W. 12th St. asking $27 million. The No. 2 contract signed was 90W at 217 W. 57th St. asking 16.5 million and reduced from $18.807 million when the building started marking off floorplans in 2016.
Overall Listing Supply: There are currently 7,254 listings on the market trying to sell–1.8% fewer than last month and 2% fewer than this time last year. Supply continues its seasonal decline, down 1% from last week. This downward trend typically persists through July, August, and part of September, before rebounding after Labor Day as sellers return to the market for the fall season. Looking at the weekly trends: 303 new listings came on the market last week, a 7.6% drop for the week before–not unexpected, as overall supply continues to taper off heading into the summer months.
The Contract Sign Market (30-day Pace of Buyer Demand): 981 buyers signed contracts over the last 30 days–a figure that’s down just 1.7% from last month, but up 2.8% compared to this time last year. Week-over-week, it’s holding steady. While 981 is a strong number for at this point in the season, expect contract activity to gradually decline through July, August, September, and even into the beginning of October, before picking up again. As for the weekly activity, 216 apartments went into contract last week—down 11.5% for the week prior. Still, holding above the 200 mark is encouraging. That said, we’re likely to see continued to week-over-week declines throughout the summer.
